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On The Perpetuation Of Unemployment, Undernourishment And Inequiable Land Ownership In Dynamic General Equilibrium

Author

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  • Ray, Debraj
  • Streufert, Peter A.

Abstract

We incorporate the consumption-ability relationship of static "efficiency wage" models into a dynamic general equilibrium model. We show that for many aggregate land stocks, there is a continuum of unemployment rates which could persist indefinitely as part of a stationary equilibrium. For many of these aggregate land stocks, both unemployment and full employment are distinct possibilities. Broadly speaking, more unemployment corresponds to more undernourishment and more inequality in land distribution. Thus our results suggest that the market mechanism is less efficacious than land reform in reducing unemployment and undernourishment.

Suggested Citation

  • Ray, Debraj & Streufert, Peter A., 1987. "On The Perpetuation Of Unemployment, Undernourishment And Inequiable Land Ownership In Dynamic General Equilibrium," SSRI Workshop Series 292691, University of Wisconsin-Madison, Social Systems Research Institute.
    • Handle: RePEc:ags:uwssri:292691
    DOI: 10.22004/ag.econ.292691
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    Cited by:

    1. Carter, Michael R. & Kalfayan, John, 1987. "An Economic Model of Agrarian Structure in Latin America," Staff Papers 200457, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.

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    Research Methods/ Statistical Methods;

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